Lancashire Holdings Regulatory News (LRE)

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Lancashire Holdings Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

ü

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Robert S. Pitts, Jr., a United States Citizen.

Steadfast Capital Management LP, a Delaware limited partnership.

Steadfast Advisors LP, a Delaware limited partnership.

4. Full name of shareholder(s)  (if different from 3.):iv

Steadfast Capital, L.P., a Delaware limited partnership.

American Steadfast, L.P., a Delaware limited partnership.

Steadfast International Master Fund Ltd., a Cayman Island exempted company.

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

12 November 2010

6. Date on which issuer notified:

15 November 2010

7. Threshold(s) that is/are crossed orreached: vi, vii

6 percent.

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Common shares

9,314,040

9,017,280 (as at the date of this notification)

5.93 percent. (as at the date of this notification)

BMG5361W1047

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

9,017,280 (as at the date of this notification)

5.93 percent. (as at the date of this notification)

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

As at the date of this notification:

(a) Steadfast Capital, L.P. holds 515,278 common shares (0.34 per cent. of the voting rights) in the issuer;

(b) American Steadfast, L.P. holds 2,779,269 common shares (1.83 per cent. of the voting rights) in the issuer; and

(c) Steadfast International Master Fund Ltd. holds 5,722,733 common shares (3.76 per cent. of the voting rights) in the issuer.

Robert S. Pitts, Jr. is the managing member of Steadfast Capital Management LP and Steadfast Advisors LP.

Steadfast Advisors LP has the power to vote and dispose of securities held by Steadfast Capital, L.P..

Steadfast Capital Management LP has the power to vote and dispose of securities held by American Steadfast, L.P. and Steadfast International Master Fund Ltd..

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

14. Contact name:

Joseph M. Carney

15. Contact telephone number:

212-201-7707